ITR Filing

ITR Filing in Gujarat: A Comprehensive Guide by L & C TechFin Advisory Pvt Ltd

Filing Income Tax Returns (ITR) is a crucial responsibility for individuals and businesses in Gujarat. As per Indian tax regulations, every eligible taxpayer must file returns annually to declare their income, claim deductions, and ensure compliance. At L & C TechFin Advisory Pvt Ltd, we simplify the ITR filing process for individuals, professionals, and enterprises across Gujarat, ensuring hassle-free compliance with the Income Tax Department.

What is Income Tax Return (ITR)?

An Income Tax Return (ITR) is a document submitted to the Income Tax Department, detailing income, deductions, and tax payments for a financial year. Filing ITR is mandatory for specific individuals and businesses as per the Income Tax Act, 1961.

Who Needs to File ITR in Gujarat?

According to the Income Tax Act, 1961, the following individuals and entities must file ITR:

• Individuals: If total income exceeds INR 2.5 lakh (for those below 60 years)

• Businesses: All registered companies, firms, and proprietorships, regardless of profit/loss

• Partnership Firms & LLPs: All partnership entities must file ITR

• Trusts & NGOs: Organizations with taxable income exceeding exemption limits

Types of ITR Forms

The Income Tax Department has various ITR forms based on the taxpayer’s profile:

• ITR-1 (SAHAJ): Salaried individuals with one house property and other income (excluding lottery/racehorse income)

• ITR-2: Individuals & HUFs without business/professional income

• ITR-3: Individuals & HUFs with business/profession income

• ITR-4 (SUGAM): Presumptive taxation under Section 44AD, 44ADA, 44AE

• ITR-5: LLPs, AOPs, and BOIs

• ITR-6: Companies not claiming exemption under Section 11

• ITR-7: Entities required to file under Sections 139(4A), 139(4B), 139(4C), 139(4D)

Importance of ITR Filing in Gujarat

Filing ITR ensures:

• Legal Compliance: Avoid penalties and interest charges

• Tax Refund Claims: Claim excess tax paid via TDS or advance tax

• Financial Documentation: Essential for loan approvals and investments

• Business Growth: Helps in securing tenders, investments, and government benefits

• Nation-Building Contribution: Supports infrastructure and welfare projects

Benefits of Filing ITR with L & C TechFin Advisory Pvt Ltd

• Expert Consultation: Professional guidance on tax-saving strategies

• Accurate Computation: Ensuring correct deductions and tax benefits

• Timely Filing: Avoid penalties and legal issues

• Online & Offline Support: Convenient filing options across Gujarat

Documents Required for ITR Filing

To file ITR efficiently, keep the following documents handy:

• PAN Card & Aadhaar Card

• Form 16 & 16A (For salaried individuals & TDS details)

• Form 26AS (Tax credit statement)

• Bank Statements

• Investment Proofs (PPF, NSC, insurance, etc.)

• Property Documents (Sale deed, home loan details, etc.)

• Rent Receipts (For HRA claims)

Step-by-Step Process for ITR Filing

1. Determine the Appropriate ITR Form

2. Collect Required Documents

3. Compute Taxable Income

4. File Online via the Income Tax Portal

5. Verify & Submit ITR (Using Aadhaar OTP, EVC, or ITR-V submission)

6. Keep Acknowledgment for Future Reference

7. Pay Outstanding Tax (If Any)

8. Respond to Notices (If Received)

ITR Filing Deadlines for FY 2023-24 (AY 2024-25)

Penalties for Late Filing

• Section 234F: Late filing fees of ₹5,000 (₹1,000 for income below ₹5 lakh)

• Interest on Tax Due: 1% per month under Sections 234A, 234B, 234C

Why Choose L & C TechFin Advisory Pvt Ltd for ITR Filing in Gujarat?

• Experienced Professionals: Expert tax advisors catering to individuals, businesses, and corporate clients

• Customized Solutions: Tailored tax planning and compliance strategies

• Effortless Process: Quick, secure, and accurate filing with minimum hassle

• Affordable Services: Cost-effective pricing with maximum benefits

Let us handle your ITR filing while you focus on growing your business or career. Contact L & C TechFin Advisory Pvt Ltd today for seamless tax compliance services in Gujarat.